Legal Question in Wills and Trusts in Louisiana
inheritance
i am an only child and my mother is gravely ill; dad deceased 20 yrs. even though i do not need one we have wills showing how all pesonal; financial and real property transfers to one or the other; my question is this when my mom passes and i inheritent the house what is the value of the property allowed before i have to pay both transfer and inheritent taxes;
to give you an idea i can sell our home for the price of $100,000-130,000.
thanks awaiting your reply,--name removed---name removed--
1 Answer from Attorneys
Re: inheritance
On anything you inherited from your father: the first $5,000 of value is exempt. Inheritance taxes are 2% of the first $20,000 above the exempt amount and 3% of the excess.
Louisiana inheritance taxes have been phased out over the last several years. Anything you inherit now from your mother would be completely exempt from inheritance and transfer taxes.
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